HAL Offshore to buy 75% stake in Seamec

Mumbai: Logistics company HAL Offshore Ltd agreed to buy a 75% stake in Seamec Ltd from Coflexip Stena Offshore (Mauritius) Ltd, a part of France’s Technip SA, for ₹ 246 crore.

HAL Offshore, part of the MM Agrawal Group, will initially buy a 51% stake in Seamec from Coflexip at ₹ 97 a share and look to buy the remaining stake in an open offer, a person directly involved in the development said, requesting anonymity.

“In the event of HAL failing to get 25% in the open offer, Technip has agreed to sell more stake in Seamec to take the total shareholding (of HAL) to maximum 75%,” he said.

HAL Offshore has already made an open offer to buy shares in Seamec from public stakeholders, as required under India’s capital market regulations.

Mint could not immediately contact Seamec executives for a comment. Mint reviewed the open offer document posted on BSE.

Seamec is a provider of vessel-based diving services with experience in subsea inspection, repair, maintenance and light construction required for offshore oil production.

“This sale is as a part of Technip’s strategy to focus on its core businesses such as building subsea complex and other activities in deep water for oil and gas industry,” the person mentioned earlier said.

HAL proposes to acquire up to 2.54 million equity shares representing up to 75% of the total paid-up equity share capital of Seamec in two tranches, subject to the number of shares acquired in the open offer, HAL Offshore said in a statement on Tuesday.

“In the first tranche, HAL proposes to acquire 17,289,000 equity shares representing 51% of the total paid-up equity share capital of Seamec. Thereafter, subject to the number of equity shares acquired in the open offer, HAL shall acquire such number of equity shares in the second tranche, to bring its aggregate shareholding in the Seamec to 75% of the total paid-up equity share capital of Seamec,” it added.

Equirus Capital acted as the exclusive financial adviser to HAL Offshore.

The announcement was made after the stock markets closed. Seamec ended Tuesday 0.65% lower at ₹ 99.50 a share on BSE, while the Sensex fell 0.03% to 22,758.37 points.